Valve Monetizes Gamer Hoarding, Beats Netflix’s Struggle

According to Zukowski, the majority of individuals purchasing a game will never actually launch it. Notably, this ratio becomes even more pronounced for titles featured in bundles like Humble Bundle. Furthermore, the modern attention economy has been highlighted as well, referencing Netflix co-founder Reed Hastings’ observation that his streaming service contends with other entertainment options and video games and, most importantly, the basic human need for sleep.

Additionally, Zukowski emphasizes that the hoarding behavior that’s known to occur on Steam has been the platform’s defining power. Moreover, he asserts that Valve cracked a problem Netflix struggled with by leveraging the habits of core gamers who relish accumulating a substantial backlog. Unfortunately, most buyers of a game won’t play it, especially when the game is part of a bundle. As a result, Zukowski believes that these lack of purchases underscores the broader context where all entertainment now battles for scarce user attention against diverse alternatives, including fundamental activities like sleep.

Steam’s Unplayed Libraries Fuel Indie Revenue Surge

Based on Chris Zukowski’s analysis, independent developers have significantly generated higher revenue compared to other platforms. Primarily, the reason behind these high revenues is due to Valve cultivated an audience dominated by intensely dedicated hobbyist collectors. Interestingly, these collectors actively purchase games not necessarily to play them immediately. Instead, they amass them as part of their collection, similar to the “pile of shame” phenomenon prevalent in many hobbies and amplified by Steam’s effortless purchasing.

As these enthusiasts participate in a different economic model, they bypass the intense competition for immediate attention since their satisfaction derives from ownership itself, not consumption. Furthermore, Valve has successfully monetized aspiration and collection rather than solely competed-for playtime. Given this fact, how do other platforms realistically match this unique revenue stream for indies? In 2024, Simon Carless found that over half of the median Steam user’s library remains unplayed.

This discovery reinforces Zukowski’s own admission that two-thirds of his purchased games are untouched, thereby underscoring the sheer scale of untouched content. These critical constraints of time and attention are fundamentally addressed by this dynamic. Again, Netflix has Valve to thank for solving the problem they were grappling with – selling entertainment to audiences already overwhelmed by limitless choices and insufficient hours. As a result, gamers can take advantage of the new model by Valve where they can theoretically possess infinite future hours to play purchased games, even if that potential playtime remains unrealized.